Posted by Anonymous on .
Wilpen Company, a price-setting firm, produces nearly 80 percent of all tennis balls purchased in the United States. Wilpen estimates the U.S. demand for its tennis balls by using the following linear specification;
Q = a + bP + cM + dPr
Where Q is the number of can of tennis balls sold quarterly, P is the wholesale price Wilpen charges for a can of tennis balls, M is the consumer’s average household income
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